Paravizion Ltd - Accounts to registrar (filleted) - small 17.3

PARAVIZION LTD

Unaudited Financial Statements

for the Year Ended 30th April 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A J Cavanagh

Mrs L E Cavanagh

SECRETARY:

Mrs L E Cavanagh

REGISTERED OFFICE:

Cotton House

Old Hall St

Liverpool

L3 9TX

REGISTERED NUMBER:

03171125 (England and Wales)

FIXED ASSETS

Tangible assets

4

20,034

36,761

CURRENT ASSETS

Debtors

5

31,426

61,680

Cash at bank

48,782

45,593

80,208

107,273

CREDITORS

Amounts falling due within one year

6

82,653

70,354

NET CURRENT (LIABILITIES)/ASSETS

(2,445

)

36,919

TOTAL ASSETS LESS CURRENT LIABILITIES

17,589

73,680

PROVISIONS FOR LIABILITIES

3,457

6,957

NET ASSETS

14,132

66,723

CAPITAL AND RESERVES

Called up share capital

801

801

Retained earnings

13,331

65,922

SHAREHOLDERS' FUNDS

14,132

66,723

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 16th January 2018 and were signed on its behalf by:

A J Cavanagh - Director

1.	STATUTORY INFORMATION

Paravizion Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

Straight line over 6 years

Plant and machinery

-

33% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

property

machinery

Totals

£

£

£

COST

At 1st May 2016

58,415

258,356

316,771

Additions

-

1,685

1,685

At 30th April 2017

58,415

260,041

318,456

DEPRECIATION

At 1st May 2016

47,538

232,472

280,010

Charge for year

9,314

9,098

18,412

At 30th April 2017

56,852

241,570

298,422

NET BOOK VALUE

At 30th April 2017

1,563

18,471

20,034

At 30th April 2016

10,877

25,884

36,761

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,080

59,943

Other debtors

30,346

1,737

31,426

61,680

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

(153

)

339

Taxation and social security

2,888

224

Other creditors

79,918

69,791

82,653

70,354

7.	FINANCIAL INSTRUMENTS

Debtors, creditors and directors loans (being repayable on demand) are measured at the undiscounted amount

of the cash or other consideration expected to be paid.

8.	RELATED PARTY DISCLOSURES

During the year the company paid rent in the sum of £8,000 (2016 £8,000) to Paravizion Limited Directors

Pension Scheme. Mr A J Cavanagh and Mrs L E Cavanagh, the directors and shareholders of the company, are

the beneficiaries of this scheme.

The amount owing to the Directors at the Balance Sheet date was £74,905 (2016 £65,907).

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A J Cavanagh.